Missouri Real Estate Law Guaranteed Success
What is the primary purpose of Chapter 339 of the Missouri Statutes? ️ To protect the public by
regulating the actions of licensees to ensure compliance with the real estate license law.
Would a person assisting in telemarketing the broker's servi...
Missouri Real Estate Law Guaranteed Success
What is the primary purpose of Chapter 339 of the Missouri Statutes? ✔️ To protect the public by
regulating the actions of licensees to ensure compliance with the real estate license law.
Would a person assisting in telemarketing the broker's services need a license under Missouri Law? ✔️
Yes.
Auctioneer Grant is negotiating to auction off some items for a farm family. If the farmer asks Grant to
also auction the farm, would Grant need a license? ✔️ No.
An unlicensed interior designer helped secure a buyer for a property that sold. Can the interior designer
receive a fee for this service? ✔️ No.
Who is exempt from requiring a real estate license when selling real estate? ✔️ 1) Owner selling or
leasing their own property.
2) Licensed attorney at law.
3) Someone acting under court authority.
4) Auctioneer employed by the owner.
5) Property manager who works for the owner or broker and only shows units, executes and delivers
leases, and assists with clerical tasks.
How many brokers are allowed per company? ✔️ 1.
True/False: A broker-salesperson may hold licenses for other licensees. ✔️ False. The broker holds the
licenses for other licensees.
A seller directs a listing agent to only advertise in the local newspaper and not to put up a sign in the
yard. What should the listing agent do? ✔️ Advertise as directed by the principal.
, An active broker-salesperson wants to reinstate her broker's license. What must she do? ✔️ Surrender
her broker-salesperson license to the Missouri Real Estate Commission and apply for her broker's
license.
A branch office of a principal real estate company must: ✔️ Have all business overseen by either a
broker-salesperson, broker-partner, broker-officer, or broker associate.
True/False: All corporate officers involved in the brokerage business must have active broker-officer or
salesperson licenses. ✔️ True.
How many U.S. citizens does the governor appoint to the MREC, and what is their experience? ✔️ The
MREC comprises 7 U.S. citizens appointed by the Governor; 6 of them are brokers with at least 10 years
of experience, and 1 is an at-large individual.
May the MREC arbitrate commission disputes between licensees? ✔️ No.
If the MREC receives a complaint against a broker, what can they subpoena? ✔️ The broker's business
accounts and records.
A person in Missouri was selling real estate for a fee without a real estate license. What can the Missouri
Real Estate Commission do to stop this? ✔️ Go to court and obtain an injunction.
Two brokers made an oral agreement to split a commission. After closing, one refused to pay. Broker B
filed a complaint with the MREC. What will the MREC do with Broker B's complaint? ✔️ The MREC will
take the complaint into consideration.
When are the brokers' and salespersons' license renewal dates? ✔️ Brokers: June 30 of even years;
Salespersons: September 30 of even years.
How many years of experience as a salesperson must a salesperson have to acquire a broker's license?
✔️ 2 years.
The benefits of buying summaries with Stuvia:
Guaranteed quality through customer reviews
Stuvia customers have reviewed more than 700,000 summaries. This how you know that you are buying the best documents.
Quick and easy check-out
You can quickly pay through credit card or Stuvia-credit for the summaries. There is no membership needed.
Focus on what matters
Your fellow students write the study notes themselves, which is why the documents are always reliable and up-to-date. This ensures you quickly get to the core!
Frequently asked questions
What do I get when I buy this document?
You get a PDF, available immediately after your purchase. The purchased document is accessible anytime, anywhere and indefinitely through your profile.
Satisfaction guarantee: how does it work?
Our satisfaction guarantee ensures that you always find a study document that suits you well. You fill out a form, and our customer service team takes care of the rest.
Who am I buying these notes from?
Stuvia is a marketplace, so you are not buying this document from us, but from seller CertifiedGrades. Stuvia facilitates payment to the seller.
Will I be stuck with a subscription?
No, you only buy these notes for $9.89. You're not tied to anything after your purchase.
